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Realty cos - No credit cards for staff
| November 15, 2008 |  (1 votes, average: 5 out of 5) Loading ... |
If you are a small-time realtor and want a new credit card, chances are you may not get one. Banks are summarily rejecting credit card applications from people working in these sectors, as the deteriorating financial health of their industries and the economic downturn makes them less creditworthy.
“Several employees of my company, including me, have had credit card applications rejected. Last month, many credit card requests were turned down by different banks,” said an employee with a major New Delhi-based finance company, requesting anonymity.
The Indian arm of HSBC recently tightened its credit approval mechanism for people working for non-bank finance companies (NBFCs) and real estate companies. “HSBC monitors and reviews the policies governing its lending business and the risk factors that relate to its various products as a matter of routine, regularly,” the bank said in an e-mailed response.
News Published Under: Real Estate India, Banking and Finance, Real Estate Trends |
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